Replacing your salary in retirement

You’ve spent years working and saving. When you retire, wouldn’t it be nice to let your savings replace your salary?

With some careful consideration, you can create a plan to pay yourself with retirement income that will last as long as you live.

Imagine the life you’d like in retirement. You might spend your time gardening in your backyard or visiting places you’ve always dreamed about.

Also consider your expenses. There are the everyday necessities like housing, and ongoing healthcare. Plus extras like traveling, hobbies, and unexpected expenses.

Now, consider what money you’ll use to pay those expenses … maybe Social Security, your retirement savings, or a pension if you have one.

Finally, what about those other financial challenges, like a market downturn, a health crisis, and even just rising costs from inflation? You may want to consider these and other factors.

With so much to balance, consider how you can tap into different sources of income that can help manage those risks.

A fixed annuity can help. It’s not impacted by the stock market, and guarantees steady income for the rest of your life. That’s money you can count on to help cover your everyday necessities.

Another option is a variable annuity. It offers a lifetime income option with the potential for growth. This may help you pay for those extras and could keep pace with rising costs.

Other options that offer growth potential and flexibility include mutual funds and stocks. These can help add to a diversified investment mix.

TIAA can help you evaluate your income sources and create a personalized solution to help you enjoy the retirement you want.